Are We Ready for Mobile Banking?

Many people are predicting that mobile banking will take over from the increasingly outdated cash payments in the future.

Three types of mobile payments dominate the marketplace today: m-commerce (uses a mobile browser and online wallets), m-payments (uses mobile apps), and m-wallets (replaces your entire wallet). Furthermore, consumers can access several forms of transaction on their mobile devices, including scannable barcodes, mobile coupons and self-checkout. But are consumers ready to wholeheartedly adopt the latest in mobile payment technology? Adults who are unbanked, for instance, may face a barrier to mobile transactions — there are currently 17 million unbanked adults in the U.S. But many smartphone users welcome the convenience of mobile payments (87% in the UK), while others worry about the privacy factor (79% in Asia). Still, 49% of consumers in the U.S. found shopping on a smartphone awkward.

A new infographic below shows some interesting figures and attempts to predict how mobile banking may be used in the future.